Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

U.S. Stocks Turn Lower Following Fed Meeting Minutes

01/03/2013 | 02:38pm US/Eastern

--Stocks turn lower after Fed meeting minutes released

--Minutes show divide between members on when to halt bond-buying program

--DJIA down 10; S&P one lower

 
   By Alexandra Scaggs 
 

NEW YORK--Stocks turned lower after minutes from the U.S. Federal Reserve's December policy meeting put a damper on midday Thursday gains.

The Dow Jones Industrial Average declined 10 points, or 0.1%, to 13402. The Standard & Poor's 500-stock index lost one point, or 0.1%, to 1461, and the Nasdaq Composite Index pulled back two points, or 0.1%, to 3110.

Stocks turned lower after the Fed minutes showed a divide between members on when would be best appropriate to halt the central bank's bond-buying program. The record left little indication of which course the Fed would choose and said members expressed uncertainty about the benefits of ongoing purchases.

On the economic front, data on private-sector job growth for December, provided by Automatic Data Processing and Moody's Analytics, well exceeded expectations. Many see ADP's report as a preview to the closely-watched government employment report due out on Friday. But initial claims for jobless benefits rose by more than expected.

Still, after the ADP's report, two Wall Street economists raised their predictions for Friday's jobs report. Goldman Sachs economist Jan Hatzius raised his estimate to 200,000 from his previous target of 175,000. Credit Suisse also raised its forecast, to 158,000 from 165,000.

Retailers reported mixed sales growth in December, as investors sought to gauge consumer spending during the holiday season. Same-store sales rose 4.5%, above analyst expectations of 3.3%.

Family Dollar slumped 12% after the discount retailer reported fiscal first-quarter earnings that missed expectations and provided a downbeat second-quarter outlook given a challenging holiday selling season. But TJX Cos., which owns off-price retailers such as T.J. Maxx and HomeGoods, climbed 3.6% after it posted stronger-than-expected December sales and raised its earnings projections for the fourth quarter and full year.

Sales in some areas could have suffered from the down-to-the-wire nature of the budget compromise in Congress, said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank, which oversees $169 billion in assets.

"Retailers would have appreciated an answer coming about 10 days before it did," he said. "Consumer confidence took a big hit toward the end of the year, and retail, therefore, took a big hit."

Write to Alexandra Scaggs at alexandra.scaggs@dowjones.com

Latest news
Date Title
<1m ago YUNBO DIGITAL SYNERGY : TASC's New Suites Offer Tax Savings and Protection
3m ago GOOGLE 'C' : executive sets skydiving record
6m ago KADER : Holders are KO'd
16m ago BUSINESS MACHINES : Student Teams Prepare Initial Business Ideas for CUNY-IBM Watson Case Competition
20m ago India's finance minister favors interest rate cut
26m ago ASTRA TBK PT : virging on awful ; celtic v kilmarnock SCOTS PREM, CELTIC PARK KICK-OFF: TOMORROW, 1.00PMDutch defender scathing on woeful Astra display
26m ago AIRBUS : Hughes is refusing to press the panic button
27m ago Costa could play against Red Devils after night in hospital ; Chelsea hope striker has recovered from illness
27m ago SAVILLS : Views to die for ; From Gower to the Great Orme these are the homes in Wales with views to match their price tags. Dramatic coastal seascapes and...
29m ago FYFFES : Bananas split ; companies today
Latest news
Advertisement
Hot News 
DIGITAL RIVER : Announces Agreement to be Acquired by Investor Group Led by Siris Capital Group for $26.00 per Share in Cash
EDREAMS ODIGEO : Statement responding to BA and Iberia statement
4IMPRINT : Full Year Expectations Underpinned By Strong Third Quarter
ATLANTIS RESOURCES : Raises GBP5.0 Million In Discounted Placing (ALLISS)
MERIT MEDICAL SYSTEMS : posts 3Q profit
Most Read News
1d ago MATSON : Shipping company pleads guilty in molasses spill
1d ago HEARTLAND EXPRESS : 2014 Q3 Earnings Release
1d ago Fannie Mae settles shareholder lawsuit for $170 million
1d ago APPLE : Time for all Apple products to enter China
1d ago Google's Pichai to oversee major products and services
Most recommended articles
20m ago India's finance minister favors interest rate cut
32m ago CHINA'S AUTO MARKET GROWTH MAY HALVE TO 7 PERCENT THIS YEAR : industry body head
1h ago South Korea fund to abstain from Samsung merger vote, wants share buybacks
1d agoDJOregon Initiative Seeks Lower Pot Taxes Than Cities Want
1d ago WEEKLY TRADING FORECAST : FX Traders Prepare for Heavy Volatility on FOMC, GDP and ECB Stimulus
Dynamic quotes  
ON
| OFF